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Finance minister ruled the 42nd GST official meeting under the authority of the union finance and corporate affairs minister via video conferencing. The finance minister advocated the revised need of declaring harmonised system nomenclature HSN for goods and service accounting SAC for the services of invoices and in form GSTR 1 that will be effected […]
Central board of direct taxes CBDT has announced that on the sales of items and services valued over 50 lakh annually will be considered with compensation including GST which is currently charged with 0.1 % TCS. On the TCS returns the Income-tax department TGet to know about new TCS (Tax Collected at Source) rules under […]
Under Section 11 and 12 the Income Tax Appellate Tribunal (ITAT), New Delhi approved the privilege to Association of State Road Transport which is qualified as a foundation for charitable goals. The taxpayer of Association of State Road Transport facilitates as an apex regulating organization for all Nationalized State Road Transport Corporation which executes working […]
Until now it was mandatory for taxpayers to submit an original invoice number while reporting a Credit/debit Note in Form GSTR-1 or GSTR-6, But now GSTN provided them a facility on the portal which can be used for Reporting single credit or debit note issued regarding of multiple invoices in their Form GST Return 1 […]
Section 194-O has inserted that normally explains the applying 1% tax deducted at source (TDS) on the amounts made to E-commerce Members, which shall be suitable for the transactions from 1st October 2020 onward. The residents and non-residents e-commerce operators will be applicable to make the payment under section 194-O in context to the sale […]
The inward and import supply by special economic zones can be seen by GST taxpayers because it is auto populated. Several kinds of buyings will be auto-populated under the Form GSTR 2B Check out the main features of the new GSTR 2B form under the current GST return filing system. The taxpayers will file GSTR […]
With the Notification No. 49/2019 – Central Tax dated 09-10-2019 w.e.f. 01-07-2017 authorities made amendments in Rule 61(5) of CGST Rules. Which now states that If return in form GSTR 3B has been filed by a person referred to in rule 61(1) then he/she doesn’t have to furnish the return in from GSTR 3. Due […]
Andhra Pradesh bench of Authority for Advance Rulings (AAR) iterated that there is no exemption from Goods and service tax (GST). Similar to this a stand has been taken which includes Maharashtra bench of Authority of Advance Ruling (AAR) Get to know about AAR (Authority for Advance Rulings) under GST India along with its mechanism. […]
Rs 87,422 crore GST revenue has been collected in July out of which SGST counts on Rs 21,418 crore, CGST is 16,147 crore, IGST is Rs 42,592 crore which includes Rs 20,324 crore that is negotiated on import of goods and Cess stood at Rs 7,265 crore which includes Rs 807 crore collected on goods […]
